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Sales received for registration up in May

The number of sales received for registration rose to 85,667 in May, up from 74,683 in April, according to HM Land Registry.

However, looking at the figures on an annual basis, sales received for registration on freehold properties were down 1.8 per cent at 64,481, and new builds declined by 15 per cent year-on-year to 12,423.

In May, of all the sales received, 25,392 took place. The most expensive residential sale was in Kensington and Chelsea for just over £12m. Meanwhile, the cheapest residential sale was of terraced properties in Peterlee and Shildon, Durham, for £18,000.

The most expensive commercial sale took place in City of Westminster for £74m. In contrast, the cheapest commercial sale was in Newport, Isle of Wight for £200.

It must be noted that there is a time difference between the sale of a property and its registration at HM Land Registry, typically between two weeks and two months.

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